Market identification code (MIC) - Financial definition
Financial acronyms
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Concise definition of the term market identification code
The MIC is a code of 4 alphanumeric characters that uniquely identifies exchanges, trading platforms, regulated or non-regulated markets, and trade reporting facilities.
Comprehensive definition of the term market identification code
MIC codes are specified in the ISO-10383 standard. Its purpose is to facilitate the automated processing of transactions.
The creation, maintenance and deactivation of MICs is operated by the ISO 10383 Registration Authority.
The updated list of MICs is published on the second Monday of each month, or the following business day if it falls on a public holiday in the country of the ISO 10383 Registration Authority (RA).
The modifications become effective on the fourth Monday of the month.
MICs function on two levels, the operating or exchange level MIC and the market segment MIC.
Operating MIC
An operating MIC, also called exchange level MIC, identifies the entity operating an exchange, trading platform, regulated or non-regulated market or a trade reporting facility in a specific country; it is the ‘parent’ MIC to one or several market segment MICs.
Market segment MIC
A market segment MIC is a MIC which identifies a section of one of the above entities that specializes in one or more specific instruments or that is regulated differently. Each market segment MIC has a parent MIC, which is called the "operating MIC".